BMI says consistent focus on building diversity in revenue
sources, along with the successful implementation of a cost reduction program,
resulted in a historic high royalty distribution of $814 million to
BMI-affiliated songwriters, composers and music publishers.
Royalty distributions increased by $64 million or 9%
compared to the previous year. This represents the largest fiscal year revenue
posted and royalties distributed in the Company’s 74 years of operation and
tops a five-year period in which BMI generated more than $4.5 billion in
revenues and paid out royalties of $4 billion.
Commenting on the year, BMI President Del Bryant, said, “The
success we are reporting today has been achieved in a very transitional period
for BMI and the music and entertainment business. We are alert to the
challenges that the restructuring of the industry presents, but we also see
unprecedented opportunity. BMI’s dynamic and constantly evolving repertoire is
able to reach the public across a myriad of platforms in which music is the
core offering, or an essential part of the creative product. As this year’s
results demonstrate, we have continued to capture the value that music
contributes, and deliver it to our writers, composers and publishers.”
The year’s results reflect BMI’s ability to monetize new
delivery systems, while growing traditional revenue sources such as retail and
service establishments and programming delivered via satellite and cable
television. New media and digital revenue continued its year-over-year pattern
of growth, reaching new record revenues exceeding $57 million, an increase of
65% over the previous fiscal year. This achievement was driven in large part by
agreements with Netflix, Hulu and other digital entertainment outlets.
Licensing revenues from bars, restaurants and other commercial establishments
saw an impressive increase of 7% over the prior year to a new benchmark high of
$116 million.
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